Hormel Foods Co. (NYSE:HRL) Shares Sold by Nisa Investment Advisors LLC

Posted by Defense World Staff on Apr 27th, 2023

Nisa Investment Advisors LLC reduced its position in Hormel Foods Co. (NYSE:HRL – Get Rating) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,791 shares of the company’s stock after selling 1,063 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Hormel Foods were worth $1,311,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of HRL. Renaissance Technologies LLC boosted its holdings in shares of Hormel Foods by 58.1% in the first quarter. Renaissance Technologies LLC now owns 2,764,663 shares of the company’s stock valued at $142,491,000 after acquiring an additional 1,016,300 shares during the period. Marshall Wace LLP lifted its holdings in shares of Hormel Foods by 331.6% during the third quarter. Marshall Wace LLP now owns 1,263,975 shares of the company’s stock worth $57,435,000 after purchasing an additional 971,113 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Hormel Foods by 2.1% during the third quarter. Vanguard Group Inc. now owns 35,040,460 shares of the company’s stock worth $1,592,240,000 after purchasing an additional 736,656 shares during the period. Bank of Montreal Can lifted its holdings in shares of Hormel Foods by 108.6% during the fourth quarter. Bank of Montreal Can now owns 1,008,798 shares of the company’s stock worth $46,031,000 after purchasing an additional 525,243 shares during the period. Finally, State Street Corp lifted its holdings in shares of Hormel Foods by 1.8% during the third quarter. State Street Corp now owns 27,499,345 shares of the company’s stock worth $1,249,570,000 after purchasing an additional 498,351 shares during the period. 39.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. StockNews.com assumed coverage on Hormel Foods in a report on Thursday, March 16th. They set a “hold” rating for the company. Piper Sandler decreased their price target on Hormel Foods from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Wednesday, April 12th. Argus downgraded Hormel Foods from a “buy” rating to a “hold” rating in a report on Thursday, March 30th. TheStreet downgraded Hormel Foods from a “b” rating to a “c+” rating in a report on Thursday, March 2nd. Finally, JPMorgan Chase & Co. downgraded Hormel Foods from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $47.00 to $38.00 in a report on Friday, March 3rd. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, Hormel Foods has a consensus rating of “Hold” and an average target price of $44.14.

Insider Activity

In other news, Director Becerra Jose Luis Prado sold 5,200 shares of the firm’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $39.01, for a total value of $202,852.00. Following the completion of the transaction, the director now owns 18,410 shares in the company, valued at $718,174.10. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Becerra Jose Luis Prado sold 5,200 shares of Hormel Foods stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $39.01, for a total transaction of $202,852.00. Following the completion of the sale, the director now owns 18,410 shares in the company, valued at approximately $718,174.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Elsa A. Murano sold 6,000 shares of Hormel Foods stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $40.50, for a total value of $243,000.00. Following the sale, the director now owns 102,698 shares of the company’s stock, valued at approximately $4,159,269. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Hormel Foods Price Performance

Hormel Foods stock opened at $39.84 on Thursday. Hormel Foods Co. has a one year low of $37.78 and a one year high of $53.54. The company has a market cap of $21.77 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 3.92 and a beta of 0.17. The business has a fifty day moving average of $40.87 and a two-hundred day moving average of $44.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.07 and a current ratio of 2.33.

Hormel Foods (NYSE:HRL – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). Hormel Foods had a net margin of 7.90% and a return on equity of 13.10%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. As a group, analysts predict that Hormel Foods Co. will post 1.74 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 15th. Stockholders of record on Monday, April 17th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date is Friday, April 14th. Hormel Foods’s dividend payout ratio is currently 61.45%.

Hormel Foods Company Profile

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Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment focuses on the processing, marketing, and sale of shelf-stable food products sold in the retail market.